Bharat Dynamics Ltd

₹ 1,132 -1.72%

15 Jan 2:18 p.m.

bdl-india.in/Home-Page BSE: 541143 NSE: BDL

About

Bharat Dynamics (BDL), is a Government of India Enterprise. It is engaged in the manufacturing of guided missiles and allied defence equipments ^[1] ^[2].

Key Points

Products Offerings
The company manufactures and supplies guided missiles, underwater weapons, airborne products, and allied defense equipment for the Indian Armed Forces. It also provides product life cycle support for all equipment supplied, as well as refurbishment and life extension services for vintage missiles already in the Indian Armed Forces' inventory. ^[1]

Website BSE NSE

Market Cap ₹ 41,497 Cr.
Current Price ₹ 1,132
High / Low ₹ 1,795 / 776
Stock P/E 74.9
Book Value ₹ 102
Dividend Yield 0.45 %
ROCE 24.2 %
ROE 17.9 %
Face Value ₹ 5.00

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Pros

Company has reduced debt.
Company is almost debt free.
Company has been maintaining a healthy dividend payout of 36.9%

Cons

Stock is trading at 11.2 times its book value
The company has delivered a poor sales growth of -5.05% over past five years.
Earnings include an other income of Rs.342 Cr.
Debtor days have increased from 38.1 to 47.8 days.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Aerospace & Defence Industry: Engineering

Part of BSE Industrials BSE 400 MidSmallCap Index Nifty Midcap150 Momentum 50 BSE 500 BSE Capital Goods Nifty 500 BSE SmallCap Nifty Midcap 100 Nifty 200 Nifty Alpha 50 BSE CPSE BSE Allcap BSE SmallCap Select Index BSE 150 MidCap Index BSE PSU Nifty 500 Multicap 50:25:25 Nifty MidSmallcap 400 Nifty Total Market BSE 250 LargeMidCap Index Nifty LargeMidcap 250 Nifty Midcap 150 Nifty Midcap150 Quality 50

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Detailed Comparison with:

Quarterly Results

Figures in Rs. Crores

	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	504	804	1,381	695	535	462	798	298	616	602	854	191	545
	438	514	977	653	441	373	615	330	482	483	538	243	446
Operating Profit	66	290	404	42	94	89	183	-33	134	119	316	-52	99
OPM %	13%	36%	29%	6%	18%	19%	23%	-11%	22%	20%	37%	-27%	18%
	20	35	-5	37	45	36	37	107	78	88	88	80	86
Interest	1	1	1	2	1	1	1	1	1	1	1	1	1
Depreciation	24	25	21	23	21	19	14	17	17	16	16	16	18
Profit before tax	62	299	378	53	117	106	206	57	194	189	388	11	166
Tax %	30%	29%	30%	25%	35%	21%	26%	27%	24%	29%	26%	36%	26%
	43	213	264	40	76	84	153	42	147	135	289	7	123
EPS in Rs	1.18	5.82	7.21	1.09	2.07	2.28	4.17	1.14	4.01	3.68	7.88	0.20	3.34
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Profit & Loss

Figures in Rs. Crores

	Mar 2012	Mar 2013	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
	956	1,076	2,841	4,079	4,887	4,588	3,069	3,105	1,914	2,817	2,489	2,369	2,192
	1,019	1,088	2,564	3,564	4,317	3,919	2,446	2,349	1,568	2,090	2,080	1,832	1,710
Operating Profit	-64	-12	277	515	569	669	623	756	346	727	409	537	482
OPM %	-7%	-1%	10%	13%	12%	15%	20%	24%	18%	26%	16%	23%	22%
	463	464	439	385	300	173	136	88	95	78	155	362	342
Interest	1	1	5	5	4	4	5	5	5	5	6	4	3
Depreciation	50	42	67	53	62	63	82	96	95	90	77	67	66
Profit before tax	348	409	644	841	803	774	671	742	341	710	482	828	755
Tax %	33%	32%	31%	33%	35%	32%	37%	28%	24%	30%	27%	26%
	235	279	444	562	524	528	423	535	258	500	352	613	554
EPS in Rs	1,021.57	1,212.13	1,928.48	2,810.35	2,183.58	14.41	11.53	14.59	7.03	13.64	9.61	16.71	15.10
Dividend Payout %	20%	21%	19%	30%	30%	25%	30%	30%	52%	30%	49%	32%

Compounded Sales Growth
10 Years:	%
5 Years:	-5%
3 Years:	7%
TTM:	1%

Compounded Profit Growth
10 Years:	%
5 Years:	8%
3 Years:	33%
TTM:	30%

Stock Price CAGR
10 Years:	%
5 Years:	49%
3 Years:	74%
1 Year:	32%

Return on Equity
10 Years:	%
5 Years:	16%
3 Years:	16%
Last Year:	18%

Balance Sheet

Figures in Rs. Crores

	Mar 2012	Mar 2013	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
Equity Capital	115	115	115	98	122	183	183	183	183	183	183	183	183
Reserves	617	936	1,538	1,753	2,073	1,773	2,085	2,424	2,501	2,847	3,028	3,454	3,549
	0	0	0	4	4	4	5	15	11	10	9	8	3
	5,694	6,199	6,759	7,786	6,208	4,697	3,250	3,128	3,334	3,595	5,535	6,781	6,795
Total Liabilities	6,427	7,251	8,412	9,641	8,407	6,657	5,523	5,750	6,030	6,636	8,756	10,426	10,530
	212	277	518	697	757	868	957	932	915	874	809	824	865
CWIP	45	70	142	126	136	130	47	42	22	41	74	73	97
Investments	1	1	3	3	3	239	4	4	5	0	0	0	4
	6,169	6,904	7,749	8,815	7,511	5,420	4,516	4,771	5,089	5,721	7,873	9,530	9,564
Total Assets	6,427	7,251	8,412	9,641	8,407	6,657	5,523	5,750	6,030	6,636	8,756	10,426	10,530

Cash Flows

Figures in Rs. Crores

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	-765	284	-420	-342	84	504	1,068	530	2,130	412
	239	149	3	1,047	170	-33	-734	-573	-1,171	-722
	-72	-324	-166	-769	-268	-191	-173	-149	-171	-148
Net Cash Flow	-598	109	-583	-63	-15	280	162	-192	788	-459

Ratios

Figures in Rs. Crores

	Mar 2012	Mar 2013	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	34	93	43	13	12	61	63	40	62	39	27	48
Inventory Days	373	534	286	302	276	254	380	222	636	534	584	841
Days Payable	99	153	100	202	186	129	115	83	322	171	142	325
Cash Conversion Cycle	307	475	230	114	101	186	328	178	375	403	469	564
Working Capital Days	-1,461	-1,137	-126	-106	-11	44	128	196	169	145	238	322
ROCE %		46%		48%	40%	37%	32%	31%	13%	26%	16%	24%

Shareholding Pattern

Numbers in percentages

	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024
	74.93%	74.93%	74.93%	74.93%	74.93%	74.93%	74.93%	74.93%	74.93%	74.93%	74.93%	74.93%
	2.11%	2.40%	2.88%	3.24%	2.83%	3.36%	3.09%	3.09%	2.95%	3.06%	2.94%	3.09%
	16.38%	14.59%	13.00%	12.39%	14.10%	13.78%	12.81%	13.32%	12.39%	9.52%	8.46%	8.70%
	0.00%	0.00%	0.00%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	6.59%	8.08%	9.18%	9.43%	8.15%	7.92%	9.17%	8.64%	9.72%	12.49%	13.67%	13.26%
No. of Shareholders	1,12,648	1,55,036	1,69,869	1,77,596	1,66,501	1,67,183	1,96,566	2,05,887	2,48,158	4,98,630	5,90,374	5,94,284

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Dec 2024
	87.75%	87.75%	87.75%	74.93%	74.93%	74.93%	74.93%	74.93%
	0.00%	0.90%	0.04%	0.28%	2.11%	2.83%	2.95%	3.09%
	6.74%	6.63%	7.47%	17.52%	16.38%	14.10%	12.39%	8.70%
	5.51%	4.72%	4.74%	7.27%	6.59%	8.15%	9.72%	13.26%
No. of Shareholders	1,56,004	1,18,358	1,07,828	1,31,209	1,12,648	1,66,501	2,48,158	5,94,284

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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